Marc Gerson Comments on $1 Trillion Stimulus Plan Negotiations in Accounting Today
"GOP Stimulus Package a Starting Point for Negotiations"
Marc Gerson, former majority tax counsel to the U.S. House of Representatives Committee on Ways and Means, commented on the current coronavirus stimulus package negotiations and what may be included in the final bill. "In addition to items in the Senate GOP proposal, there will be some transition from the increased unemployment amount, with some incentive for going back to work for employees. Issues from the PPP regarding deductibility of expenses paid with forgiven PPP loans might be addressed in the final bill, and there may be some retirement provisions included as well," Gerson said. He added that the upcoming recess, set to being on August 7, will put pressure on lawmakers to act quickly. "The prospects for legislation in the fall are not looking good, given the coming election. There are a tremendous amount of threshold issues to be addressed. The fall session will be short, and there may be the need for further legislation to address the crisis, so they will probably pass a continuing resolution, and punt everything until a lame duck session after the election."